Watch: They paid $1.15m. Months later, six bidders pushed the price to $2.15m

Saturday, 18 July 2026

How a months-long renovation paid off for this 4 bedroom Christchurch home

A Christchurch couple sold their renovated Fendalton home for $2.15 million, about $1 million more than they paid less than a year earlier.

Six bidders competed at auction. More than 110 groups inspected the property, with buyers drawn to its extensive renovation and sought-after school zones.

Less than a year ago, there was little competition for a Fendalton home that sold at auction for $1.15 million.

The Wai Iti Terrace home has been transformed with a large scale renovation. It was reclad, reroofed, fitted with new double glazing and remodelled inside.

Last month, six bidders battled for the four-bedroom house at 76 Wai Iti Terrace, driving the sale price to $2.15m after a huge renovation transformed it into what many buyers believed was effectively a brand-new home.

'We had over 110 groups through the open homes and private viewings across three weeks. That is truly exceptional,' Harcourts listing agent Jack Marshall said.

The property is on a corner site, with 544m² of land.

Marshall said a typical campaign would attract between 30 and 50 groups.

Built in storage is everywhere throughout the 250m² home.

Buyers came from Christchurch, Auckland, Wellington and Australia before the property eventually sold to an out-of-town buyer.

The vendors, a local couple who are experienced renovators working under the brand name Suede and Lemonade, bought the property less than a year ago.

Their work included recladding and reroofing the home, installing new double glazing, remodelling the kitchen, completely relandscaping the section and reconfiguring the layout. One bedroom was moved downstairs to create a more flexible floor plan, while a second living area and study space were added upstairs. Built-in storage was added, along with off-street parking for extra vehicles, a boat or caravan.

'They certainly worked really hard and did a hell of a lot,' Marshall said.

The home has three bathrooms, all tastefully renovated.

'When they bought it, I don't think we had any competition at auction. Less than a year later there were six bidders willing to pay for the luxury of a home where there was nothing left to do.'

The kitchen, dining and lounge are on the bottom floor, and the design was re-configured to also include a bedroom on the ground floor.

The home sits inside the sought-after zones for Christchurch Boys' High School, Christchurch Girls' High School and Burnside High School.

Marshall said many prospective buyers were young families, including many with parents of 10, 11 and 12 year olds buying into the zone before their children would attend high school.

The open plan ground floor includes an easy flow onto the outdoor entertaining area.

The sale also reflects a strong group of buyers willing to pay for homes where expensive renovation work has already been done, rather than taking on uncertain building costs and timeframes themselves.

'The comment we heard from so many people was that they thought it was a brand new house,' Marshall says. 'The campaigns I see that attract the most interest are immaculate homes with nothing left to do, or houses where everything needs doing and buyers can add value themselves. It is the homes in the middle that struggle because people know they are still facing another $50,000 or $100,000 in renovation costs.'

The broader property market in Christchurch is stronger than the rest of the country at the moment, but it’s not exactly wild - price growth isn’t higher than general inflation.

Data from property insights firm Cotality shows Christchurch median sale prices have increased 3% over the past year, while values nationally have fallen 0.9%.

A second lounge was added upstairs, a great space for teenagers to hang out.

A study nook provides a work from home space.

The property is on a premium corner site with easy access for boats or caravans.

Huge wardrobes add to the value of homes in this price bracket.

'Christchurch is closer to agricultural centres, and that part of the economy has done better, so those properties have benefited off the back of that too,' says Cotality head of research Nick Goodall.

But Fendalton itself has been one of the city's slower-growing premium suburbs in the north-west of the city.

The value of four-bedroom-or-more homes in the suburb has risen just 0.9% over the past year. Nearby Ilam is up 4.1%, Merivale has risen 4%, while neighbouring Strowan has surged 13.3%.

Despite that, Fendalton remains Christchurch's second-most expensive suburb for larger 4-bedroom plus homes, with a median value of $1.92m, behind only Merivale at $2.35m.

That suggests this sale was driven more by the quality of the renovation.

'Ultimately I think it illustrates that the particular property and sale you're looking at stands out for a reason,' Goodall says.

'We know good houses sell well, no matter the market.'

If you have a property story or question, whether uplifting or challenging, email Stuff chief property correspondent Janika ter Ellen: janika.terellen@stuffdigital.co.nz or fill out the form below.